Homeowners in the sunshine state have seen significant appreciations in their home values, with some neighborhoods experiencing appreciations of 20% or more. If you own a home that is valued at $200,000 or more – this is amounts to gained equity of $40,000 or more.
If you have a low credit score below 620, you may be wondering about your ability to get a cash-out refinance loan, home equity loan or home equity line of credit (HELOC) loan. It’s no secret that some traditional mortgage lenders only work with people, who have great or excellent FICO (Fair Isaac Corporation) credit scores above 700. If you have less-than-perfect credit – they may be unwilling to extend you a refinance loan.
So can you get refinance your loan, if you have a low credit score? The answer is “yes”. It’s important to understand that a variety of loan products have come on the market in the last two decades. The best way to get a refinance loan, whether your credit score is 450, 500 or 550 is
to work with a reputable subprime mortgage lender.
A respected subprime lender is a lender, who works with consumers with poor credit to find them the best loan product based on their specific situation – state of residence, amount of equity they have in their home, amount of cash they need, etc.
Whether you live in Miami, Orlando, Tallahassee or the Key West, there are subprime mortgage lenders, who service cash out refinance loans, home equity loans and HELOC loans for all regions of Florida.